Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.7% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 3.7% during mid-day trading on Monday . The company traded as high as $11.12 and last traded at $10.84. 13,084,347 shares changed hands during trading, a decline of 66% from the average session volume of 39,023,391 shares. The stock had previously closed at $10.45.

Analysts Set New Price Targets

A number of equities analysts have commented on RIVN shares. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Canaccord Genuity Group cut their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Finally, Mizuho upped their price target on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $17.09.

Rivian Automotive Trading Down 3.6 %

The stock has a market capitalization of $10.56 billion, a P/E ratio of -1.76 and a beta of 2.03. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The stock’s 50 day moving average price is $11.99 and its 200-day moving average price is $12.27.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -4.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. increased its position in shares of Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the period. GAMMA Investing LLC boosted its position in Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after buying an additional 760 shares during the last quarter. Certuity LLC increased its holdings in Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after buying an additional 815 shares during the period. Finally, Sanders Morris Harris LLC raised its position in Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after buying an additional 823 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.